JAMB 2017 · UTME (set 2) · Q42

A car dealer bought a second-hand car for ₦250,000 and spent ₦70,000 refurbishing it. He then sold the car for ₦400,000. What is the percentage gain?

Worked solution (try it first)

The cost includes the refurbishing: $250\,000 + 70\,000 =$ ₦320,000.
The gain is $400\,000 - 320\,000 =$ ₦80,000.
As a percentage of the cost: $\dfrac{80\,000}{320\,000} \times 100\% = 25\%$ , option C.